2024 (6) TMI 514

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....reasons a. The issue of Notice u/s 148 dtd. 13.03.2019 is not in accordance with the provisions of the Act. b. Reasons for issue of notice u/s 148 was not supplied to the assessee till date. c. Notice u/s 148 was not properly issued within the limitation period of 6 years. d. Notice u/s 148 for verification of source of deposits is not correct. e. When the officer has treated the return filed on 29.08.2019 as invalid, issuing notice u/s 143(2) for the same return is not valid, and the consequent assessment is not valid. 2. The officer is erred in treating Rs. 42,90,000/- as deemed income u/s 69A and CIT(A) is erred in upholding the same. 3. The officer is erred in levying interest of Rs. 11,14,848/- and Rs. 12,34,296/- ....

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....865 maintained with the State bank of India, Pollachi Branch. The cash deposits made by the assessee in her bank account are as under: Post Date Value Date Details Amount Credited 29-09-11 29-09-11 Cash dep 00899 Pollachi Cash deposit self 50000.00 29-09-11 29-09-11 Cash dep 00899 Pollach Cash deposit self 400000.00 17-11-11 17-11-11 Cash deep 00899 Cash deposit self 500000.00 01-12-11 01-12-11 Cash deep 00899 Pollachi Cash deposit self 3340000.00 Total Cash Deposited   4290000.00 3. The assessee during the assessment proceedings furnished a cash flow statement showing flow of cash from 01-04-1995 to 01-04- 2011. The assessee also claimed that main source of cash is income from Milk Business and ou....

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....mission of the Ld. AR is found not tenable by us, we rejected the objection of the Ld. AR that notice was sent by the ld. AO mentioning the wrong address thereon. Now, we adjudicate the appeal of the assessee on merits. 8. We carefully considered the submissions of the parties. We observe that the ld. CIT(A) has upheld the addition made by the ld. AO citing the reasons that the assessee failed to discharge the onus during the assessment proceedings as mentioned in the assessment order and the assessee has not submitted any convincing argument during the appellate proceedings. 9. We observe that the assessee claimed during the assessment proceedings that she made advances to various persons interest free loans and that borrowers repaid the....

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.... are furnished during the assessment proceedings. Therefore, the claim of the assessee that she had given interest free loans to various persons and they have repaid that loan amounts are not tenable. Accordingly, the observations of the ld. AO and of the ld. CIT(A) on the issue of repayment of the interest free loans ought to be upheld and we decide this issue of recovery of interest free loans to the assessee is against the assessee. 11. We observe that, the assessee sold a house property on vide deed executed on 30-11-2011 in favour of one P. Balaji for a consideration of Rs. 18,00,000/- . It is our considered opinion that the ld. CIT(A) ought to accept the claim of the assessee that the assessee sold a house property for a consideratio....